Micro
It's the type of tax that takes a bigger portion as income drops
What is a Regressive Tax
Who was, objectively and indisputably, the greatest chairman in the history of the Federal Reserve
Who is Ben Bernanke
Joseph Schumpeter asserted that "Creative destruction", in which competition and innovation creates new order and destroys old, is "the essential fact" of this well known economic system
What is capitalism
Although it is only mentioned once in his magnum opus, this economist is perhaps most well known for penning the phrase "the invisible hand"
Adam Smith
A measure is _____ if it is adjusted for inflation
What is Real
Coase Theorem
this phrase describes the overall level of unemployment where only structural and frictional unemployment are not zero
What is the Natural Rate of Unemployment
This largely defunct economic tradition (but widely influential ideology) relied in large part on the idea that the value of a good or service is a function of the amount of labor required to produce it
What is Marxism
This economist, also well known for his essay "The Use of Knowledge in Society", proposed the (now largely defunct) hypothesis that economic "busts" are caused by malinvestments in "booms" directly resulting from central banks artificially lowering interest rates.
Friedrich Hayek
Professor Lovett refers to this empirical design as the "Gold Standard" of empirical research in economics.
What is a Randomized Control Trial (RCT)
What is Pigovian Tax
increasing the supply of money ______ interest rates
decreases
The Corn Laws were an example of ______, which was also criticised by Adam Smith in "The Wealth of Nations"
mercantilism
"We're all Keynsians now" is a famous phrase commonly attributed to Richard Nixon, but was actually a phrase coined by this economist who was often critical of Keynesian policies
who is Milton Friedman
the mathematical symbol "pi" is commonly used to denote this concept relating to the supply of money
what is inflation
This economic ideology and ism, named after a political economist whose first name is Henry, argues that taxes on land are highly efficient and therefore preferable to other taxes (such as taxes on labor or sales taxes)
Georgism
This economist, who won the Nobel prize in Economics in 2008 for his work on international trade, is now more well known for his political punditry
Paul Krugman
when an entity seeks to gain added wealth without any reciprocal contribution of productivity
what is Rent-Seeking
(when an economist accuses someone of this, it is the econ jargon equivalent of saying "go die in a hole")
This time-inconsistent model of discounting (important for behavioral economics) explains why people are extremely present biased, even more so than a time-consistent exponential discounting model would predict.
What is hyperbolic discounting
At what nominal interest rate does opportunity cost of holding money faced by private agents equal the social cost of creating additional fiat money.
What is 0%
the idea that households are forward looking and will therefore not adjust consumption and savings decisions whether the government finances it's spending with current taxes or deficit spending is named after this classical economist.
Who is David Ricardo (the idea is Ricardian Equivalence)
This is the preferred strategy in an indefinitely repeated prisoners dilemma
what is tit-for-tat